He also said that increasing the size of the €440bn European Financial Stability Facility would damage the AAA credit rating of some of the eurozone members.

Commenting on the effects of the eurozone’s debt crisis on the US in a speech in Berlin, he said: "Even if Obama is thinking the opposite, I don't think the problems of Europe are the reason for the problems of the US.”

Earlier Mr Obama said the Europe never fully “dealt with all the challenges that their banking system faced” and that Greek debt was “scaring the world.”

German Chancellor Angela Merkel has also challenged those calling on Europe to introduce new stimulus packages to boost demand and encourage spending as a way out of the crisis.

"This is the wrong idea," Ms Merkel told a business conference in Berlin.

"We don't have a euro crisis, but a debt crisis," said Merkel.

Ms Merkel is under pressure and faces a much-anticipated vote in a German court on Thursday relating to new measures agreed in July aimed at getting the crisis under control.

While the vote is certain to pass, she is depending on the opposition to push it through.